Geopolitical tensions can have devastating consequences for cryptocurrency markets, as experienced from 2022 to now. Cryptocurrency holders have witnessed price fluctuations driven by news of wars, conflicts, and retaliatory actions. The onset of the war between Russia and Ukraine significantly contributed to the recent decline in market prices.
Cryptocurrency Prices May Decline
Upcoming U.S. elections are poised to increase volatility in cryptocurrency markets. Recent Axios reports indicate escalating tensions in the Middle East, with sources suggesting that Iran will respond to recent attacks from Iraq within days.
Previously, we observed Iranian missiles being launched coinciding with the closing of U.S. markets on Friday. Such developments resulted in price declines during that period. The implication from the Axios report indicates we might be facing a similar scenario again. This could explain why Bitcoin 
$104,276 prices linger below the critical $71,500 level.
Additionally, various sources indicate that Israeli intelligence is preparing for Iran’s potential retaliation in the coming days. Notably, this planned attack is expected before the U.S. elections, potentially starting by November 5. Given both the election-related tensions and concerns about the scale of the attack, markets may remain under pressure, which could lead to weak performances in SPX and Bitcoin. As a result, it wouldn’t be surprising if profitable holders decide to sell quickly, although the cryptocurrency market can also yield unexpected outcomes.
